American International Group, Inc. (AIG) reports it is stepping up its presence in the German insurance market by acquiring a German insurer that offers coverage for small and medium firms.
A subsidiary of AIG is acquiring Württembergische und Badische Versicherungs-AG (Wüba), its major subsidiary DARAG Deutsche Versicherungs- und Rückversicherungs-AG (DARAG) and other minor subsidiaries from entities associated with J.C. Flowers & Co. LLC.
Subject to regulatory approval from insurance and cartel authorities, the transaction is expected to close later this year. Terms of the agreement have not been disclosed.
AIG President and Chief Executive Officer Martin J. Sullivan said the transaction reaffirms AIG’s commitment to growing in the German marketplace and enhances its offerings to small and medium sized companies.
Based in Heilbronn, Germany, Wüba offers property and casualty, marine, personal lines, and accident and health insurance through 2,500 broker relationships across the country.
Nicholas C. Walsh, executive vice president of Foreign General Insurance for AIG, said AIG would continue Wuba’s broker focus,
distribution management and technology.
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